America the Mislead
Before I begin this long-winded tirade, please take a few minutes to read this article by Mike Whitney. Go ahead, I’ll wait.
Done? First of all, I’d like to mention I believe the article I’ve linked is mostly derivative and alarmist pap, possibly written to scrounge up readership for the Information Clearing House. But the author’s facts are not wrong, if spun wildly for illustrative purposes. After watching housing prices increase at four or five multiples of inflation and salary adjustments for five solid years, it’s readily apparent the trillions of dollars sunk into the morass are essentially forfeit. News reports have surfaced from every corner of the country lamenting slow markets, double-digit percentage price drops, doubling or tripling of foreclosure rates, etc. So how’d it all happen, and where will it lead the once mighty United States?